Reverse Mortgage Closing Costs Deborah Nance Reverse Mortgage Specialist

Reverse Mortgage Closing Costs Deborah Nance Reverse Mortgage Specialist. Personal Loans How To Lower Origination Fee

Reverse Mortgage Closing Costs Deborah Nance Reverse Mortgage Specialist video duration 2 Minute(s) 47 Second(s), published by Corona Reverse Mortgage Specialist NMLS#202003 (951)283-2983 on 01 05 2014 - 17:53:47.

For Your Personalized Reverse Mortgage Analysis Please fill out this You probably heard the term “loan origination fee” as you fish out loans to apply for
The lender applies this fee to cover their effort to get you to apply, your .

The mortgage settlement process–sometimes called mortgage closing–can be confusing
A settlement may involve several interested parties and a variety of Welcome to the LAST session of the home buying course
We've done everything (nearly)
Now we are going to find out about closing costs
WHAT ARE You probably heard the term “loan origination fee” as you fish out loans to apply for
The fee itself can be negotiable
Moreover, the more money you want to .

For Your Personalized Reverse Mortgage Analysis Please fill out this form:https://reversemortgage.wufoo.com/forms/free-personalized-reverse-mortgage-information-kit/

How Much Does A Reverse Mortgage Cost?

UPDATE:1/4/2016 Since I recorded this video, the cost of Credit Reports has risen. I currently estimate a credit report fee of $30 when quoting for a married couple.

Closing costs can be divided into two groups.

Out of pocket fees. These are fees the borrower pays from their own pocket before and during the transaction. Counseling must be completed prior to incurring any other fees and costs on the loan.

HECM Counseling - Counseling averages $125 but I've seen it as low as $89 and as high as $200 so shop around.

Appraisal - Appraisal is paid at the time of the inspection and you will have to give the Appraisal management company your credit card over the phone before they will set up the inspection. The current cost of the appraisal run between $450 and $650. For a tract type home $450 is a fairly certain bet. A custom or unique home may require more work and research for the appraiser raising the fee.

Financed Fees - these fees will be paid from your loan proceeds at closing.

FHA will charge an Upfront Mortgage Insurance Premium or UFMIP for short. The Mortgage Insurance Premium will run either .5% of the homes appraised value up to $625,500. or it will be calculated at 2.5% of the home's value up to $625,000. So, on our $250K home the UFMIP will either be $1,250 or $6,250.00 The way to get the less expensive UFMIP is to limit your withdrawals from the loan to 60% or less of the principal limit (principal limit is reverse speak for loan amount). For a deeper explanation of what MIP is check out this video.

The lender can also charge a loan origination fee. A lender can charge a HECM origination fee between $2500 and $6000. FHA sets out the maximum LOF the lender can charge you. If your home is valued at less than $125,000. If your home is valued at more than $125,000 lenders can charge 2% of the first $200,000 of your home's value plus 1% of the amount over $200,000 up to a maximum loan origination fee of $6,000. In our scenario the loan origination fee could be a maximum of $5,000. The lenders are allowed to charge less than the maximum calculation so shop around.

Title Insurance - A lenders policy of title insurance will be ordered on the reverse mortgage loan. You can choose your own title insurance company or use the lenders preferred vendor. This is a one time fee and is based on the value of the home as well. For our $250K home the title policy would run $450.00

Settlement Costs/Escrow - Settlement or escrow companies do the \